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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I recently contacted you with respect to a 10 year commercial

Customer Question

I recently contacted you with respect to a 10 year commercial lease.
The upshot being that the only viable course of action was to default.
This I have done by failing to pay the rent. After several acrimonious emails the landlord put forward the offer that we buy ourselves out of the lease by paying a year's rent. If we could afford to do that we could afford to continue.
We have the property with an estate agent and also on Gumtree.
The estate agent suggested that we have a problem in that the rent is above the market price and the lease too long.
Moreover, the landlord seems to be disinclined to take back responsibility for the property.
We would like to hand back the keys and leave, knowing that we are liable for any losses that the landlord reasonable incurs. So my question is, how do we make this happen.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Does the property have an agent please?

JACUSTOMER-21ofb1ed- :

No I deal directly with the landlord

Alex Watts :

Ok, what you can do is just hand the keys back - drop them through his letterbox etc

Alex Watts :

Then you are deemed to have given it up

Alex Watts :

He can't stop you giving the keys back

Alex Watts :

As you are aware you are liable for any costs associated with this

Alex Watts :

But if you hand the keys back the lease is deemed ended

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-21ofb1ed- :

I understand that I am responsible for losses with respect to the premises being unlet but he has to mitigate the loss.

Alex Watts :

Yes that is right

JACUSTOMER-21ofb1ed- :

Currently it is a ten year lease at £100 per month. If a potential lessee offered less money and a shorter lease would he be required to take it in order to mitigate his losses? Assuming it was reasonable and at current market price.

JACUSTOMER-21ofb1ed- :

£1000

Alex Watts :

Yes and you would be liable for the difference

JACUSTOMER-21ofb1ed- :

If he accepted a lessee with a too low a valuation, say 50% of the current rent, what then?

Alex Watts :

Well it depends if he had other offers, if not then you are stuck

Alex Watts :

He has to mitigate.

JACUSTOMER-21ofb1ed- :

As I have no assets to speak of, as I understand things, bankruptcy would solve the problem. I'd lose my credit cards have a little difficulty with my bank, but having nothing, I can't lose a lot. I rent my accommodation. Am I reading the situation correctly? I see no other options other to suffer years of debt.

Alex Watts :

How much are you likely to owe?

JACUSTOMER-21ofb1ed- :

The lease is for ten years @ £1000/month. If it is relet in a few months, I can handle that. If it takes several months then, well, who knows?

Alex Watts :

Sure, if its more then £10k its worth going bankrupt. You are discharged after 5 years

Alex Watts :

1 year sorry

JACUSTOMER-21ofb1ed- :

I've completed only six months.

Alex Watts :

Does that help?

Alex Watts :

ok

JACUSTOMER-21ofb1ed- :

I'm glad you corrected 5yrs to 1yr. At what point do I act. Currently I owe nothing.

Alex Watts :

Its up to you to make the decision.

Alex Watts :

But once you know what the debt is, at that point

JACUSTOMER-21ofb1ed- :

Ok.

JACUSTOMER-21ofb1ed- :

Thanks. I can't think of anything else to ask. So I won't ask questions just "to get my money's worth."

Alex Watts :

Haha.

Alex Watts :

Can I clarify anything else for you?

JACUSTOMER-21ofb1ed- :

Bye

JACUSTOMER-21ofb1ed- :

Not today thankyou.

Alex Watts :

If not can I invite you to rate my answer before you go today, there should be a button at the bottom of the screen

Alex Watts :

If you need more help please click reply

Alex Watts :

...........

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


If the system won’t let you please click reply.



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